voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a
leading provider of high-speed, large-format 3D printers and
on-demand parts services to industrial and commercial customers,
today announced consolidated financial results for the second
quarter ended June 30, 2017.
Highlights - Second Quarter 2017
- Total revenues for the second quarter
decreased 18.2% to kEUR 5,153 from kEUR 6,296
- Gross profit margin improved to 40.9%
from 36.6%
- Systems revenues decreased 33.4% to
kEUR 2,542 from kEUR 3,815
- Services revenues increased 5.2% to
kEUR 2,611 from kEUR 2,481
- Reaffirm full year 2017 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented, “We had another solid quarter and I am pleased with our
overall performance. We continue to make progress in all our
segments with the goal to ignite the next phase of accelerated
growth. I am especially pleased with the progress of our research
and development initiatives as we plan to announce new and exciting
products and applications later this year and in the years to come,
especially regarding High Speed Sintering (HSS). HSS systems are
already in use at selected customers and the feedback we gather is
very promising.”
Second Quarter 2017 Results
Revenues for the second quarter of 2017 decreased by 18.2% to
kEUR 5,153 compared to kEUR 6,296 in the second quarter
of 2016.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, decreased 33.4% to
kEUR 2,542 in the second quarter of 2017 from kEUR 3,815
in last year’s second quarter. This was mainly due to a lower
number of printer sales. The Company delivered three new printers
in the second quarter of 2017, compared to six printers (three new
and three used and refurbished) delivered in last year’s second
quarter. Systems revenues also include all revenues from
consumables, spare parts and maintenance, where we could record a
slight increase compared to the last year’s same period. Systems
revenues represented 49.3% of total revenues in the second quarter
of 2017 compared to 60.6% in last year’s second quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 5.2%, to
kEUR 2,611 in the second quarter of 2017 from kEUR 2,481 in
the comparative period of 2016. This was mainly due to higher
revenue contribution from our subsidiary voxeljet China Co. Ltd
(“voxeljet China”) and our subsidiary voxeljet America Inc.
(“voxeljet America”). This was partially offset by lower
contributions from our subsidiary voxeljet UK Ltd. (“voxeljet
UK”).
Cost of sales was kEUR 3,043 for the second quarter of 2017
compared to kEUR 3,993 for the second quarter of 2016.
Gross profit was kEUR 2,110 in the second quarter of 2017
compared to kEUR 2,303 in the second quarter of 2016.
Gross profit for our Systems segment decreased to kEUR 925 in
the second quarter of 2017 from kEUR 1,112 in the second quarter of
2016. This is due to the decrease in revenues. In contrast to this,
gross profit margin for this segment increased to 36.4% in the
second quarter of 2017 compared to 29.1% in the second quarter of
2016. The increase mainly resulted from better gross profit margin
on printer sales due to the product mix. In the last year’s period
we sold three used printers, which usually provide weaker gross
profit margins compared to new printers. Gross profit includes a
release of accruals for compensation amounting to kEUR 81 in
the second quarter of 2017 (2016: kEUR 183)
Gross profit for our Services segment remained largely unchanged
at kEUR 1,185 in the second quarter of 2017 compared to kEUR 1,191
in the second quarter of 2016. The gross profit margin for this
segment decreased to 45.4% in the second quarter of 2017 from 48.0%
in the second quarter of 2016. This was mainly related to a lower
release of accruals for compensation. In the second quarter of 2017
the release of accruals for compensation amounted to kEUR 34,
compared to a release of kEUR 128 in the comparative period.
The gross profit margin contributions from the German operation and
voxeljet America decreased slightly.
Selling expenses were kEUR 1,400 for the second quarter of 2017
compared to kEUR 1,265 in the second quarter of 2016. The increase
is mainly due to higher personnel expenses resulting from a lower
release of compensation accruals of kEUR 55 in 2017 (2016:
kEUR 132).
Administrative expenses were kEUR 1,154 for the second quarter
of 2017 compared to kEUR 1,106 in the second quarter of 2016.
Administrative expenses were impacted by the release of
compensation accruals amounting to kEUR 58 compared to a
release of accruals of kEUR 114 in the second quarter of
2016.
Research and development (“R&D”) expenses increased to kEUR
1,315 in the second quarter of 2017 from kEUR 1,049. The
increase of kEUR 266 was mainly due to higher personnel
expenses and higher expenses for materials and external services
related to various projects. R&D expenses were also impacted by
the release of compensation accruals amounting to kEUR 79 in
the second quarter of 2017 compared to kEUR 261 in the
comparative period of 2016.
Other operating expenses in the second quarter of 2017 were kEUR
1,001 compared to kEUR 818 in the prior year period. This was
mainly due to foreign currency losses amounting to kEUR 939
for the second quarter of 2017 compared to kEUR 617 in the second
quarter of 2016.
Other operating income was kEUR 85 for the second quarter of
2017 compared to kEUR 327 in the second quarter of 2016. The
decrease was mainly due to lower gains from foreign currency
transactions.
The increase of losses and gains from foreign currency
transactions was primarily driven by the valuation of the
intercompany loans granted by the parent company to our UK and US
subsidiaries. The loans are denominated in GBP and USD,
respectively. The financial impact reflects the strengthening of
the Euro against the GBP as well as the USD in the second quarter
of 2017.
Operating loss was kEUR 2,675 in the second quarter of 2017,
compared to an operating loss of kEUR 1,608 in the comparative
period in 2016. This was primarily related to the lower gross
profit in combination with higher operational expenses and
unfavorable foreign currency effects. Operational loss was
primarily impacted by the release of accruals for compensation
amounting to kEUR 307 compared to a release of accruals
amounting to kEUR 818 in the second quarter of 2016.
Financial result was negative kEUR 1 in the second quarter of
2017, compared to a financial result of kEUR 95 in the
comparative period in 2016. The decrease was mainly related to the
release of other comprehensive income to finance expense due to the
selling of portions of the bond funds in the second quarter of
2016.
Net loss for the second quarter of 2017 was kEUR 2,674 or
EUR 0.72 per share, as compared to net loss of
kEUR 1,378, or EUR 0.46 per share, in the second quarter
of 2016. Net loss was also impacted by our employee stock option
plan, which was executed in the current quarter with an impact
amounting to kEUR 122.
Based on a conversion rate of five American Depositary Shares
(“ADSs”) per ordinary share, net loss was at EUR 0.14 per ADS
for the second quarter of 2017, compared to a net loss of
EUR 0.09 for the second quarter of 2016.
Six Months Ended June 30, 2017 Results
Revenues for the six months ended June 30, 2017
decreased by 13.3% to kEUR 9,683 compared to kEUR 11,166
in the prior year period.
Systems revenues were kEUR 4,235 for the first six months
of 2017 compared to kEUR 6,598 in last year’s period. The
Company sold five new 3D printers during the first six months of
2017 compared to six new and three used and refurbished 3D printers
in the prior year period. Systems revenues represented 43.7% of
total revenue for the six months ended June 30, 2017
compared to 59.1% for the same period a year ago.
Services revenues were kEUR 5,448 for the six months ended
June 30, 2017 compared to kEUR 4,568 for the same period
last year. This increase was mainly due to a higher revenue
contribution from the German operation and our subsidiaries
voxeljet America and voxeljet China. This was partially offset by a
lower revenue contribution from voxeljet UK.
Cost of sales for the six months ended June 30, 2017
was kEUR 5,992, a decrease of kEUR 1,540, or 20%, over cost of
sales of kEUR 7,532 for the same period in 2016.
Gross profit and gross margin for the six months ended
June 30, 2017 were kEUR 3,691 and 38.1%, respectively,
compared to kEUR 3,634 and 32.5% in the prior year period.
Gross profit for our Systems segment decreased to kEUR 1,278 for
the six months ended June 30, 2017 from kEUR 1,805
in the same period of 2016. This decrease is mainly due to the
decline in revenues. The gross profit margin for this segment
increased to 30.2% compared to 27.4% for the prior period. The
increase mainly resulted from better gross profit margin regarding
printer sales due to the product mix. In the last year’s period we
sold three used printers, which usually provide weaker gross profit
margins compared to new printers. The gross profit margin for
revenues from consumables, spare parts and maintenance almost
remained on the same level, compared to the six months ended
2016.
Gross profit for our Services segment increased to kEUR 2,413
for the six months ended June 30, 2017 from
kEUR 1,829 in the same period of 2016. This was mainly related
to the increase in revenues. The gross profit margin for this
segment increased to 44.3% from 40.0% mainly due to a better
utilization ratio. Gross profit margin contributions from voxeljet
America as well as voxeljet China improved. From our German
operation we recorded an almost unchanged gross profit margin
contribution, while the contribution from voxeljet UK
decreased.
Selling expenses were kEUR 2,785 for the six months ended
June 30, 2017 compared to kEUR 2,468 in the same period
in 2016, an increase of kEUR 317, or 12.8%. This was mainly due to
higher personnel expenses.
Administrative expenses slightly increased by kEUR 146 to kEUR
2,348 for the first six months of 2017 from kEUR 2,202 in the prior
year’s period.
R&D expenses increased to kEUR 2,812 for the six months
ended June 30, 2017 from kEUR 2,356 in the same period in
2016, an increase of kEUR 456, or 19.4%. The increase was mainly
due to higher personnel expenses and higher expenses for materials
related to various projects.
Other operating expenses for the six months ended
June 30, 2017 were kEUR 1,191 compared to kEUR 1,947 in
the prior year period. This improvement was mainly due to lower
losses from foreign currency transactions amounting to
kEUR 1,078 compared to kEUR 1,376 in the prior year’s
period. In addition, the impairment loss on trade receivables for
the six months ended 2017 amounted to kEUR 147, compared to
kEUR 49 in the comparative period.
Other operating income was kEUR 382 for the six months ended
June 30, 2017 compared to kEUR 644 in the prior year
period. The decrease was mainly due to lower gains from foreign
exchange transactions amounting to kEUR 35 compared to
kEUR 214 in comparative period and lower amortization of
deferred income of kEUR 108 compared to kEUR 148 in the
comparative period in 2016.
The changes in foreign currency losses and gains were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our UK and US subsidiaries.
Net loss for the six months ended June 30, 2017 was
kEUR 5,105, or EUR 1.37 per share, as compared to net loss of
kEUR 4,819, or EUR 1.29 per share in the prior year period.
This is based on a weighted average number of ordinary shares
outstanding of 3.720 million for the first six months ended
June 30, 2017. Compared to the last year’s same period,
the number of ordinary shares outstanding was unchanged.
Based on a conversion rate of five ADSs per ordinary share, net
loss was EUR 0.27 per ADS for the six months ended
June 30, 2017 compared to net loss of EUR 0.26 per
ADS in the prior year period.
Business Outlook
Our revenue guidance for the third quarter of 2017 is in the
range of kEUR 7,000 to kEUR 8,000.
We reaffirm our guidance for the full year ended December 31,
2017.
- Full year revenue is expected to be in
the range of kEUR 26,000 and kEUR 28,000
- Gross margin is expected to be above
40%
- Operating expenses for the full year
are expected as follows: SG&A expenses in the range of
kEUR 9,250 and kEUR 10,250 and R&D expenses to be
approximately kEUR 4,750 to kEUR 5,750. Depreciation and
amortization expense is expected to be between kEUR 3,000 and
kEUR 4,000.
- EBITDA is expected to be
neutral-to-positive in 2017
Our total backlog of 3D printer orders at
June 30, 2017 was kEUR 4,384, which represents
seven 3D printers. This compares to a backlog of kEUR
3,784 representing five 3D printers, at December 31, 2016. As
production and delivery of our printers is generally characterized
by lead times ranging between three to nine months, the
conversion rate of order backlog into revenue is dependent on the
equipping process for the respective 3D printer as well as the
timing of customers’ requested deliveries.
At June 30, 2017, we had cash and cash equivalents of
kEUR 4,028 and held kEUR 11,657 of investments in bond funds, which
are included in current financial assets on our consolidated
statements of financial position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the second quarter on Tuesday, August 15, 2017
at 8:30 a.m. Eastern Time. Participants from voxeljet will include
its Chief Executive Officer, Dr. Ingo Ederer, and its Chief
Financial Officer, Rudolf Franz, who will provide a general
business update and respond to investor questions.
Interested parties may access the live audio broadcast by
dialing 1-877-705-6003 in the United States/Canada, or
1-201-493-6725 for international, Conference Title “voxeljet AG
Second Quarter 2017 Financial Results Conference Call”. Investors
are requested to access the call at least five minutes before the
scheduled start time in order to complete a brief registration. An
audio replay will be available approximately two hours after the
completion of the call at 1-844-512-2921 or 1-412-317-6671, Replay
Conference ID number 13666918. The recording will be available for
replay through August 22, 2017.
A live webcast of the call will also be available on the
investor relations section of the Company’s website. Please go to
the website
https://event.webcasts.com/starthere.jsp?ei=1155932&tp_key=990122ae0e
at least fifteen minutes prior to the start of the call to
register, download and install any necessary audio software. A
replay will also be available as a webcast on the investor
relations section of the Company’s website.
Exchange rate
This press release contains translations of certain U.S. dollar
amounts into euros at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from U.S. dollars
to euros in this press release were made at a rate of USD 1.1411 to
EUR 1.00, the noon buying rate of the Federal Reserve Bank of New
York for the euro on June 30, 2017.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these forward-looking
statements by words such as ‘‘believes,’’ ‘‘estimates,’’
‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’
‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other
similar expressions that convey uncertainty of future events or
outcomes. Forward-looking statements include statements regarding
our intentions, beliefs, assumptions, projections, outlook,
analyses or current expectations concerning, among other things,
our results of operations, financial condition, business outlook,
the industry in which we operate and the trends that may affect the
industry or us. Although we believe that we have a reasonable basis
for each forward-looking statement contained in this press release,
we caution you that forward-looking statements are not guarantees
of future performance. All of our forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that are in some cases beyond our control and that may cause our
actual results to differ materially from our expectations,
including those risks identified under the caption “Risk Factors”
in the Company’s Annual Report on Form 20-F and in other
reports the Company files with the U.S. Securities and Exchange
Commission, as well as the risk that our revenues may fall short of
the guidance we have provided in this press release. Except as
required by law, the Company undertakes no obligation to publicly
update any forward-looking statements for any reason after the date
of this press release whether as a result of new information,
future events or otherwise.
voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
Notes
6/30/2017 12/31/2016 (€ in thousands)
unaudited Current assets 30,937 37,506
Cash and cash equivalents 7 4,028 7,849 Financial assets 7 11,657
12,579 Trade receivables 4,031 4,133 Inventories 4 9,507 11,213
Income tax receivables 8 8 Other assets 1,706 1,724
Non-current assets 28,300 24,633 Financial
assets 7 211 211 Intangible assets 977 842 Property, plant and
equipment 5 27,010 23,521 Investments in joint venture 47 -- Other
assets 55 59
Total assets 59,237 62,139
Notes 6/30/2017 12/31/2016
Current liabilities 6,282 5,517
Deferred income 453 332 Trade payables 2,195 1,765 Financial
liabilities 7 1,237 1,297 Other liabilities and provisions 6 2,397
2,123
Non-current liabilities 6,072
5,086 Deferred income 72 177 Deferred tax liabilities 1 1
Financial liabilities 7 5,932 4,817 Other liabilities and
provisions 6 67 91
Equity 46,883 51,449
Subscribed capital 3,720 3,720 Capital reserves 75,949 75,827
Accumulated deficit (34,067) (28,971) Accumulated other
comprehensive income 1,203 873
Equity attributable to the owners
of the company 46,805 51,449 Non controlling
interest 78 87 Total equity and
liabilities 59,237 62,139
voxeljet AG
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS (UNAUDITED)
Three months ended June
30, Six months ended June 30, Notes 2017
2016 2017 2016 (€ in thousands except share
and share data) Revenues 8, 9 5,153 6,296 9,683 11,166 Cost of
sales (3,043) (3,993) (5,992) (7,532)
Gross profit 8
2,110 2,303 3,691 3,634 Selling
expenses (1,400) (1,265) (2,785) (2,468) Administrative expenses
(1,154) (1,106) (2,348) (2,202) Research and development expenses
(1,315) (1,049) (2,812) (2,356) Other operating expenses (1,001)
(818) (1,191) (1,947) Other operating income 85 327 382 644
Operating loss (2,675) (1,608) (5,063)
(4,695) Finance expense (2) (97) (49) (127) Finance income 3
2 7 5
Financial result 1 (95) (42)
(122) Loss before income taxes (2,674)
(1,703) (5,105) (4,817) Income taxes — (2) —
(2)
Net loss (2,674) (1,705) (5,105)
(4,819) Other comprehensive income 315 327 330
935
Total comprehensive loss (2,359) (1,378)
(4,775) (3,884) Loss attributable to:
Owners of the Company (2,667) (1,694) (5,096) (4,808)
Non-controlling interests (7) (11) (9) (11)
(2,674)
(1,705) (5,105) (4,819) Total
comprehensive loss attributable to: Owners of the Company
(2,352) (1,367) (4,766) (3,873) Non-controlling interests (7) (11)
(9) (11)
(2,359) (1,378) (4,775)
(3,884) Weighted average number of ordinary shares
outstanding 3,720,000 3,720,000 3,720,000 3,720,000 Loss per share
- basic/ diluted (EUR) (0.72) (0.46) (1.37) (1.29)
voxeljet AG
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Attributable to
the owners of the company Accumulated other
Subscribed Capital Accumulate
comprehensive Non controlling (€ in thousands)
capital reserves deficit income (loss)
Total interest Total equity Balance at
January 1, 2016 3,720 75,671 (17,684)
(238) 61,469 -- 61,469 Establishment of
subsidiary with non controlling interest -- -- -- --
-- 113
113 Loss for the period -- -- (4,808) --
(4,808) (11)
(4,819) Net changes in fair value of available for sale
financial assets -- -- -- 49
49 --
49 Foreign
currency translations -- -- -- 886
886 --
886
Equity-settled share-based payment transaction -- 156 -- --
156 --
156 Balance at June 30, 2016
3,720 75,827 (22,492) 697 57,752
102 57,854 Attributable to the
owners of the company Accumulated other
Subscribed Capital Accumulated
comprehensive Non-controlling capital
reserves deficit gain Total
interests Total equity Balance at January 1,
2017 3,720 75,827 (28,971) 873
51,449 87 51,536 Loss for the period -- --
(5,096) --
(5,096) (9)
(5,105) Foreign currency
translations -- -- -- 330
330 --
330 Equity-settled
share-based payment -- 122 -- --
122 --
122
Balance at June 30, 2017 3,720 75,949
(34,067) 1,203 46,805 78 46,883
voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six months ended June 30, 2017
2016 (€ in thousands) Cash Flow from operating
activities Net loss (5,105) (4,819)
Depreciation and amortization 1,463 1,256 Foreign currency
exchange differences on loans to subsidiaries 194 901
Equity-settled share-based payment transaction 122 256 Impairment
losses on trade receivables 147 49 Proceeds from customer loans --
10
Change in working capital (664)
(4,186) Trade receivables, inventories and other assets
(1,317) (3,626) Trade payables 342 495 Other liabilities and
provisions and deferred income 311 (1,056) Income tax
payable/receivables -- 1
Total (3,843) (6,533)
Cash Flow from investing activities Payments
to acquire property, plant and equipment and intangible assets
(1,999) (365) Net proceeds from disposal of financial assets 922
17,126 Investment in joint venture (50) --
Total
(1,127) 16,761 Cash Flow from financing
activities Repayment from bank overdrafts and lines of
credit (93) (115) Repayment of sale and leaseback obligation (201)
(247) Proceeds (repayment) of finance lease obligation (21) 35
Proceeds of long-term debt 1,328 865
Total 1,013
538 Net increase (decrease) in cash and cash
equivalents (3,957) 10,766
Cash and cash equivalents
at beginning of period 7,849 2,086 Changes to
cash and equivalents due to foreign exchanges rates 136 25
Cash
and cash equivalents at end of period 4,028
12,877 Supplemental Cash Flow Information
Interest paid 107 51 Interest received 5 7
voxeljet AG
NOTES TO THE INTERIM FINANCIAL
STATEMENTS
1. Preparation of financial statements
Our consolidated interim financial statements include the
accounts of voxeljet AG, which is listed on the New York Stock
Exchange, and its wholly-owned subsidiaries voxeljet America Inc,
voxeljet UK Ltd. and voxeljet India Pvt. Ltd., as well as voxeljet
China Co. Ltd., which are collectively referred to herein as the
‘Group’ or the ‘Company.’
Our consolidated interim financial statements were prepared in
compliance with all applicable measurement and presentation
rules contained in International Financial Reporting Standards
(‘IFRS’) as set forth by the International Accounting Standards
Board (‘IASB’) and Interpretations of the IFRS Interpretations
Committee (‘IFRIC’). The designation IFRS also includes all valid
International Accounting Standards (‘IAS’); and the designation
IFRIC also includes all valid interpretations of the Standing
Interpretations Committee (‘SIC’). Specifically, these financial
statements were prepared in accordance with the disclosure
requirements and the measurement principles for interim financial
reporting purposes specified by IAS 34.
The IASB issued a number of new IFRS standards which are
required to be adopted in annual periods beginning after January 1,
2017.
Standard Effective date
Descriptions IFRS 9 01/2018 Financial Instruments IFRS 15
01/2018 Revenue from Contracts with Customers IFRS 2 01/2018
Amendments Classifications and Measurement of Share-based Payments
Transactions IFRS 4 01/2018 Amendments Applying IFRS 9 Financial
Instruments with IFRS 4 Insurance Contracts IAS 40 01/2018
Amendment of Transfers of Investment Property IFRIC 22 01/2018
Foreign Currency Transactions and Advance Considerations IFRS 16
01/2019 Leases IFRIC 23 01/2019 Uncertainty over Income Tax
Treatments IFRS 17 01/2021 Insurance Contracts IFRS 10, IAS 28
indefinite Amendment Sale or Contribution of Assets between
Investor and its Associate or Joint Venture
IFRS 15 establishes a comprehensive framework for determining
whether, how much and when revenue is recognized. It replaces
existing revenue recognition guidance, including IAS 18 Revenue,
IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty
Programmes. IFRS 15 is effective for annual periods beginning on or
after January 1, 2018, with early adoption permitted. The Company
has developed a project plan to analyze the potential impact IFRS
15 will have on its consolidated financial statements and related
disclosures as well as its business processes, systems and
controls. This includes reviewing revenue contracts across all
revenue streams and evaluating potential differences that would
result from applying the requirements under the new guidance. Based
on the analysis conducted to date, the Company is currently
evaluating the impact of the adoption of this standard on its
consolidated financial statements and the method of adoption.
The interim financial statements as of and for the six months
ended June 30, 2017 and 2016 were authorized for issue by the
Management Board on August 14, 2017.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of
these interim financial statements are set out in the Company’s
financial statements as of December 31, 2016, which can be
found in its Annual Report on Form 20-F that was filed with
the U.S. Securities and Exchange Commission. These policies have
been applied to all financial periods presented.
3. Share based payment arrangements
On April 7, 2017 voxeljet AG established a share option plan
that entitles key management personnel and senior employees of
voxeljet AG and its subsidiaries to purchase shares of the parent
company.
Total options available under the share option plan are 372,000
of which 279,000 (75%) were granted on April 7, 2017. The vesting
conditions include a service condition (the options vest after a
period of four years) and a market condition (the options may only
be exercised if the share price exceeds the exercise price over a
period of 90 consecutive days by at least 20% in the period between
the issue date and the respective exercise time frame) which both
must be met.
The fair value of the employee share purchase plan has been
measured using a Monte Carlo simulation. The market condition has
been incorporated into the fair value at grant date.
The inputs used in the measurement of the fair value at grant
date are as follows:
- share price at grant date:
USD 13.80
- exercise price: USD 13.90
- expected volatility: 55%
- expected dividends: --
- risk-free interest rate: 2.49%
- fair value at grant date:
USD 8.00
The expected volatility has been based on an evaluation of the
historical volatility of the company’s share price. As at June 30,
2017 no options are exercisable and 279,000 options are
outstanding.
The expenses recognized in the profit and loss statement amount
to approximately kEUR 122 in the three months and six months ended
June 30, 2017. (2016: kEUR -566 and KEUR -478, respectively,
in relation to the release of certain accruals on long-term cash
incentive plan).
4. Inventories
6/30/2017
12/31/2016 (€ in thousands) Raw materials and
merchandise 2,567 1,850 Work in progress 6,940 9,363
Total
9,507 11,213
5. Property, plant and equipment, net
6/30/2017 12/31/2016 (€ in
thousands) Land, buildings and leasehold improvements 11,759
12,020 Plant and machinery (includes assets under finance lease)
8,779 6,730 Other facilities, factory and office equipment 1,547
1,522 Assets under construction 4,925 3,249
Total
27,010 23,521 Leased assets included in
Property, Plant and Equipment: 899 1,067 Printers
812 964 Other factory equipment 87 103
Printers leased to
customers under operating lease 119 141
Assets under construction mainly relate to a new production
building as well as a new office building at voxeljet’s
headquarters in Friedberg, Germany.
6. Other liabilities and provisions
6/30/2017 12/31/2016 (€ in
thousands) Customer deposits 795 183 Liabilities from VAT 154
174 Employee bonus 34 143 Accruals for vacation and overtime 221
170 Accruals for licenses 296 258 Liabilities from payroll 235 211
Accruals for commissions 83 190 Accruals for compensation of
supervisory board 90 180 Accrual for warranty 229 400 Others 327
305
Total 2,464 2,214
7. Financial instruments
The fair value of a financial instrument is the price that would
be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement
date.
The fair value hierarchy defines the following levels:
- Level 1: Quoted prices of the
respective financial asset or financial liability in active
markets
- Level 2: Other directly observable
input parameters which contribute to establishing the fair value
based on a valuation model
- Level 3: Input parameters not
based on observable market data
Under IAS 39 there are the following categories:
(I) A financial asset or financial liability
at fair value through profit or loss
(II) Held-to-maturity investments
(III) Available-for-sale financial assets
(IV) Loans and receivables
(V) Financial liabilities measured at
amortized cost
6/30/2017
I. II. III. IV. V. Fair
Value Level Assets
Non-current assets Restricted cash -- -- -- 206 -- 206
Level 1 Equity securities -- -- 5 -- -- 5 Level 3 Investments in
joint venture -- 47 -- -- -- 47 Level 3
Current assets
-- Bond funds -- -- 11,657 -- -- 11,657 Level 1 Cash and cash
equivalents -- -- -- 4,028 -- 4,028 Level 1
Liabilities Non-current liabilities
Long-term debt -- -- -- -- 5,788 4,949 Level 2 Finance lease
obligation -- -- -- -- 144 136 Level 2
Current
liabilities Bank overdraft -- -- -- -- 132 132 Long-term
debt -- -- -- -- 681 674 Level 2 Finance lease obligation -- -- --
-- 424 423 Level 2
12/31/2016 I.
II. III. IV. V. Fair Value
Level Assets Non-current
assets Restricted cash -- -- -- 206 -- 206 Level 1 Equity
securities -- -- 5 -- -- 5 Level 3
Current assets Bond
funds -- -- 11,657 -- -- 11,657 Level 1 Cash and cash equivalents
-- -- -- 7,849 -- 7,849 Level 1
Liabilities
Non-current liabilities Long-term debt -- -- -- --
4,448 3,770 Level 2 Finance lease obligation -- -- -- -- 369 354
Level 2
Current liabilities Bank overdraft -- -- -- --
224 224 Long-term debt -- -- -- -- 651 644 Level 2 Finance lease
obligation -- -- -- -- 422 416 Level 2
The fair value of the Company’s investments in the bond funds
was determined based on the unit prices quoted by the respective
fund management company.
The fair value of long-term debt was determined using discounted
cash flow models based on the relevant forward interest rate yield
curves. The fair value of finance lease obligations was determined
using discounted cash flow models on market interest rates
available to the Company for similar transactions at the relevant
date.
Due to their short maturity and the current low level of
interest rates, the carrying amounts of credit lines and bank
overdrafts approximate fair value.
8. Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Three months ended June 30, 2017 2016
(€ in thousands)
SYSTEMS SERVICES SYSTEMS SERVICES
Revenues 2,542 2,611 3,815 2,481 Gross profit 925 1,185
1,112 1,191 Gross profit in % 36.4 % 45.4 % 29.1 % 48.0 %
Six months ended June 30, 2017
2016
(€ in thousands)
SYSTEMS SERVICES SYSTEMS SERVICES
Revenues 4,235 5,448 6,598 4,568 Gross profit 1,278 2,413
1,805 1,829 Gross profit in % 30.2 % 44.3 % 27.4 % 40.0 %
9. Revenues
The Group’s revenues by geographic region were as follows:
Three
months ended June 30, Six months ended June 30,
2017 2016 2017 2016 (€ in
thousands) (€ in thousands) EMEA 3,554
4,298 6,393 7,707 France 503 613 1,028 2,084
Germany 2,023 2,132 3,454 3,238 Great Britain 110 340 258 611
Others 918 1,213 1,653 1,774
Asia Pacific 1,001
1,489 1,280 2,506 Thailand -- 1,272 -- 1,272
China 808 19 932 24 South Korea 165 110 256 209 Others 28 88 92
1,001
Americas 598 509 2,010 953
United States 579 509 1,831 953 Others 19 -- 179 --
Total
5,153 6,296 9,683 11,166
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170814005962/en/
voxeljet AGInvestors and MediaJohannes
PeschDirector Investor Relations and Business
Developmentjohannes.pesch@voxeljet.deOffice: +49 821 7483172Mobile:
+49 176 45398316
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